OzCar enters voluntary administration closing four sites

• OzCar has entered voluntary administration with administrators closing four company-owned dealerships immediately.
• The closure of the four sites in New South Wales resulted in 90 staff redundancies.
• The company's 12 franchise dealerships will continue operating as normal while administrators assess options.

OzCar has entered voluntary administration after secured creditors appointed administrators to assess the company's financial options.

The administration affects company-owned operations across New South Wales following a period of financial evaluation by the secured creditor.

"The immediate focus is to understand the financial position of the business, engage with key stakeholders and assess the options," said Alvarez and Marsal Administrator Glen Kanevsky.

The closure of four company-owned locations in Lansvale, Penrith, Cardiff, and Gosford resulted in 90 immediate redundancies.

The company stated that twelve franchise sites will continue to operate on a business-as-usual basis while administrators review the business.

OzCar was founded by the Dale family as a used car dealership network in Australia. Japanese firm Optimus Group holds a substantial shareholding in the automotive retail business.